Tuesday, November 30, 2010

Market Update INFO THAT HITS US WHERE WE LIVE Last week was short, but still managed to squeeze in two reports on our favorite topic. Wednesday's New Home Sales for October were down 8.1% from the month before, at an annual rate of 283,000. A slight upward move in these numbers had been forecast. The inventory of new homes edged up to 8.6 months, higher than the 6 month's supply level everyone would like to see. But Tuesday, October Existing Home Sales came in with a way smaller decline – down just 2.2% from September and in line with expectations. The National Association of Realtors (NAR) reported the annual sales rate at 4.43 million homes. Actual sales, year to date, are 4.15 million, down 2.9% from the same period a year ago. The NAR's chief economist feels that sales activity appears to be "off the bottom and attempting to settle into normal, sustainable levels." He expects steady improvement to levels "above 5 million by spring of next year." The median existing home price edged down a little to $170,500 and is down only 0.9% from a year ago. The months' supply of existing homes dipped to 10.5 from September's 10.6 reading, as inventories declined overall.John Holbrook - REALTOR - Prudential Chaplin Williams Realty Amelia Island, Fernandina Beach, Yulee FL 32034 Great Resource for Local Information!Phone: 904-415-0171 - Blog of Local Market InformationEmail: holbrook66@msn.com Search for homes at www.ameliaislandsearch.com

Friday, November 19, 2010

As Veteran’s Day passed last week, I forgot to remind everyone to thank those who have served our country AND to remind everyone out there in the blogosphere that eligible Veterans are still able to take advantage of the Federal Tax Credits that expired for the rest of the population a few months back. Yes, eligible First Time Home Buying Veterans only need to be in contract by April 30, 2011 and close by June 30, 2011 to receive the up to $8000 tax credit on their income tax return. And yes, eligible Repeat Home Buying Veterans can receive the up to $6500 credit.

There is no doubt that demand for housing has slowed. The National Association of Realtor’s 3rd Quarter Existing Homes Sales Report showed that sales were down in all fifty states and the District of Columbia (3rd quarter vs. the 2nd quarter). The decline was in double digits in all but two states (Nevada and California). Those are the facts. But let us not allow the facts to get in the way of the truth. The truth is that over 4 million homes will have sold in this country by the end of the year.That averages out to be over 10,000 houses a day! Every day – 365 days a year!

Monday, November 15, 2010

Moody’s hopeful on recovery, notes pent-up Fla. demand PHOENIX – Nov. 15, 2010 – The pace of the national recovery is moderating and the lift spurred by nearly $800 billion in federal stimulus spending is fading, but there are several promising signs that growth will continue, including in Florida, a leading national fiscal analyst told reporters Friday morning.

Moody’s Analytics economist Chris Lafakis said the Federal Reserve will remain aggressive, with a quantitative easing plan that he equated to “basically flooding the global monetary system.” Lafakis predicted the strategy would lift asset prices, reduce corporate borrowing costs, and increase the willingness of consumers to spend.

Lafakis predicted substantial growth in Florida’s economy, mentioning that the Miami, Orlando and Tampa areas are expected to recover “quite significantly” due to a rebound in population growth and an increased willingness of people to travel to Florida for vacations. “The story of pent-up demand is true in no place more so than Florida,” he said.

Saturday, November 13, 2010

By Stephanie Armour, USA TODAYMortgage rates are hitting another record low just as home prices are firming in more parts of the country, two trends that could help boost the economy.Potential recovery fuel:

•Median home prices in the third quarter were up from last year's third period in 77 of 155 metro areas, the National Association of Realtors reports. In 2009's third quarter, only 30 areas showed year-over-year growth.

Wednesday, November 10, 2010

85586 Bostickwood Drive in North Hampton. Priced at $319,000. Brylen built custom home that features a gourmet kitchen and custom woodwork. Located on a preservation lot and 10 minutes to the beaches of Amelia Island.

Tuesday, November 9, 2010

Plan calls for improving home energyWASHINGTON – Nov. 9, 2010 – U.S. homeowners will be able to get low-cost energy audits that rank a home’s efficiency on a scale of one to 10 and get federally insured loans for upgrades, under an Obama administration plan to be announced today.

With the new Home Energy Score, consumers will find out how their home compares with others and how much money they could save by adding insulation, sealing air leaks or doing other upgrades. Nine U.S. communities will test the score, similar to a miles-per-gallon label for cars, before it’s rolled out nationally next summer.

“Together, these programs will grow the home retrofit industry and help middle-class families save money and energy,” says Vice President Biden, who plans to unveil the initiative at a meeting of his Middle Class Task Force.

“This is the kind of program that could go viral,” says Jared Bernstein, executive director of the task force, noting there are tens of millions of old U.S. homes. He says it will take time, however, to get it going.

U.S. officials expect that the audits, to be done by trained contractors, will cost less than half of current private ones, which often exceed $350, because of their streamlined approach.

Consumers will be able to seek up to $25,000 in federally insured, PowerSaver loans at or below market rates. Financing will start early next year as part of a two-year pilot program.

Nassau County Florida, more specifically Fernandina Beach and Amelia Island have quickly become a featured stop for people who are looking to relocate to Northeast Florida. If you are searching for a home, condo or vacant lot in the area, here are a couple of quick reference sites that I refer clients to who are looking for additional information.

Monday, November 8, 2010

Price fall sharply and time to sell increases. Agents suggested that prices fell again in October, as our home price index fell to 9 from 22 in September (readings below 50 point to lower prices over the past month). This marks the lowest reading for Jacksonville since May ’09. Meanwhile, our home listings index fell to 32 from 44in September, suggestinghigher inventories over the past month (readings below 50 point to higher inventory levels).

In addition, our time to sell index fell to 18 from 22 in September, suggesting an increased time to sell over the past month (readings below 50 point to an increased time to sell).

Thursday, November 4, 2010

Amelia Island Voted as a Top 10 North American Island for Four Consecutive YearsAMELIA ISLAND, Fla. (November 3, 2010) – Amelia Island, Florida has been named the #5

North American island in the 2010 Conde Nast Traveler’s Readers’ Choice Awards. This is the fourth consecutive year Amelia Island has been ranked in the awards’ Top 10 island destinations, finishing this year ahead of Hilton Head, S.C. and St. Simons, Ga. The Ritz-Carlton, Amelia Island, a 444-room Amelia Island resort, was also named in the awards, voted #24 among Top U.S. Mainland Resorts.

“We are excited to have Amelia Island included in the top 10 North American Islands for four consecutive years,” said Gil Langley, President of the Amelia Island Convention and Visitors Bureau. “We work diligently to make sure we meet visitors’ expectations and are thrilled the readers of Conde Nast Traveler are endorsing the destination.”

The 2nd Annual Men’s Pro-Tennis Championships at Omni Amelia Island Plantation will begin play this week. Watch the future men's tennis champions compete and get in the swing of things to prepare for a career on the professional tour. Competition and level of play is expected to be fierce.

Time is right to buy a retirement home LOS ANGELES – Nov. 4, 2010 – Money Magazine is urging people a few years from retirement who plan to move when they quit work to consider buying now while home prices and mortgage rates are low.

Buyers who intend to use the place as a second home will pay the same rate as they would pay for a primary residence. If they intend to rent the property out until they retire and they need the rental income to qualify for the mortgage, lenders will consider that an investment property and charge a half to a full percentage point more.

Tuesday, November 2, 2010

UF: Election and unemployment add to fears for real estate GAINESVILLE, Fla. – Nov. 2, 2010 – Uncertainty persists in Florida’s real estate markets, aggravated by the state’s high jobless rate and fears about today’s election, a new University of Florida survey finds.

“While investment in real estate continues to flow into Florida, there is a tremendous amount of apprehension in the market due to government and economic forces,” says Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies, which issued its quarterly survey this week.

The survey is the most extensive of Florida professional real estate analysts and investors conducted on an ongoing basis. The total number of participants in the current survey is 266, who represent 13 urban regions of the state and up to 15 property types.

Most respondent concerns about the midterm election relate to the economy. “The results will affect Congress’ decision whether to extend the Bush-era tax cuts or let them expire, government spending and a host of other issues that currently prevent companies from hiring and expanding,” Becker says.

Monday, November 1, 2010

Florida is hot attraction for Middle East buyers WASHINGTON – Nov. 1, 2010 – The National Association of Realtors (NAR) says Middle Eastern and African investors have spent almost $1 billion on properties in Florida in recent years.

Home price deterioration has made property purchases in Florida tourist areas more affordable to overseas property shoppers, with a median price of $219,400.

According to Fine and Country CEO Omer Ghani, “Low prices combined with the fact that Florida has historically had one of the highest in-migration rates among all the U.S. states and one of the highest population growth rates, makes it the most favored destination for foreign buyers.”

Tight credit and high unemployment rates mean investors have plenty of properties from which to choose.